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paulq
Starting Member
4 Posts |
 Posted - 09 December 2008 : 18:45:19
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I'm in trouble The Bank firstly gave me a loan. because i was getting goverment assistance i'm no good at looking after money now i owe nearly £30000 to the bank before intrest and about £3500 on credit cards, and im scared because now the goverment assistance is coming too a end and i owe all this money. We only get income support so i have no chance of paying off this debt. wots goin too happen when i tell the bank the situation can anyone help!!!The assistance was DLA and now the bank repayments are more than the income support level for all of us. |
Edited by - paulq on 10 December 2008 01:09:01 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 December 2008 : 13:19:11
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Hi Paulq and welcome to the forum.
From the information provided, it is difficult to suggest a way forward. Certainly, without the necessary disposable income to service either an IVA or a debt management plan, bankruptcy is a viable option.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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paulq
Starting Member
4 Posts |
Posted - 10 December 2008 : 14:56:45
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If we do go bankrupt Will someone, come round too our house and tell us what we need too live with and take anything of value car,jewelery(wedding rings)etc tv computer and anything else????
And where do we go first CAB or something
Can anyone help me with this!!
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John
New Member
United Kingdom
73 Posts |
Posted - 10 December 2008 : 16:20:01
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Hi
if you declare bankruptcy no one will come round your house. The assets you listed are not at risk with the possible exception of the car.
You will be allowed to keep it as long as it isnot worth more than £2000 and you can prove you need the car for work.
You could go to CAB but in my experience you would be better off seeking advice, piece by piece, on this forum.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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paulq
Starting Member
4 Posts |
Posted - 17 December 2008 : 22:12:58
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What exacly do you have too do too go BR ie:- the steps you have too take and what not too forget. And does this mean my wife will be BR all personal debts are in my name only???
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 18 December 2008 : 11:35:00
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If all personal debts are in your name only you would need to file for BR.
You can complete the BR forms on the Insolvency Service website, and print them just before you go to court, or you can get the papers from your local county court and complete them by hand.
You will be asked if you have taken professional advice and if you can't answer yes your BR will most likely be refused. Speak to the CAB or National Debtline.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
18 IPA payments to go! |
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I'm in troble The Bank firstly gave me a loan.
